Answer to Question #59772 in Other Economics for Doug

2016-05-04T22:28:46-0400

Question #59772

Mary borrows $80,000 to buy her home. Beginning next month she will pay the lender $720 per month for the next 20 years. What is the ROR? (Hint: 20 years = 240 months. Calculate the monthly interest rate first, then multiply by 12 to obtain the annual percentage rate, APR).